(MENAFN- Daily News Egypt) Minister of Investment and Foreign Trade Hassan El-Khatib has participated in a series of meetings organized by MEDEF International, the French Business Confederation comprising 7,100 companies across various sectors.
The meetings were attended by French Ambassador to Cairo Eric Chevallier, Egyptian Ambassador to Paris Alaa Youssef, and key figures such as Hossam Heiba, Chairperson of the General Authority for Investment and Free Zones, and Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone.
This meeting marks the first interaction following the visit of MEDEF International, which included a delegation of French companies and a meeting with Prime Minister Mostafa Madbouly in March 2022.
The minister held an extensive meeting with 30 French companies at the MEDEF headquarters to promote Egypt's investment climate and showcase investment opportunities. Specialized sessions were also conducted focusing on hydrogen and the financial sector. Additionally, the minister met with Alstom to discuss its strategic project for manufacturing rolling stock, including subway cars, electric trains, and trams.
This project aims to establish a factory for electrical components and wiring specifically for export, highlighting the success of the metro project as part of Egypt-France cooperation, the minister said, emphasized that the Ministry of Investment and Foreign Trade, along with the Ministry of Industry and Transport, are collaborating to facilitate an investment-friendly environment and encourage local manufacturing.
A representative from Alstom stated that the company plans to commence the first phase of its project in Egypt, which involves establishing a factory for electrical wiring and components for trains, designated for export. He noted that Egypt is a key regional hub for Alstom and is part of the company's strategy to integrate into its global supply chain.
Furthermore, Alstom Egypt has established and developed an innovation and engineering excellence centre in the transportation sector, which started with a small team of 30 distinguished engineers and has now grown to 98 engineers. The company is also executing the monorail project in Egypt.
Additionally, Minister El-Khatib met with officials from John Cockerill, a leading company in producing large-capacity electrolysis equipment for hydrogen generation, to discuss investment opportunities in energy, particularly in renewable energy and green hydrogen, reflecting Egypt's commitment to expanding its green hydrogen initiatives.
The minister also met with officials from Bureau Veritas, one of the leading global groups in testing services and issuing compliance certificates with international standards. They assist companies in aligning with international regulations and social responsibility standards.
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